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first_img Comments are closed. Related posts:No related photos. Previous Article Next Article Finance sector slow to gear up for new rulesOn 4 Dec 2001 in Personnel Today Employers in the finance sector risk fines because many HR professionals arenot prepared for the Financial Services and Markets Act which came into forceon December 1. Robbie Gilbert, chief executive of the Employers Forum on Practice andStatute, is concerned that some HR departments are not aware of theirresponsibilities in helping companies comply with the Act, which is regulatedby the Financial Services Authority. Under the regulations, firms in the finance sector must ensure employees areproperly qualified and trained or risk action – including fines – from the FSA.Gilbert said, “We share the FSA’s concerns that HR is not preparedacross the sector. It has not taken on board the extent to which people’scompetencies and development have to be checked – from chief executivesdownwards, not simply those directly involved with financial regulation.” David Jackman, FSA head of industry training, urged HR professionals in thesector to get up to speed on the requirements. “Anecdotal evidence suggests that some firms may not be prepared and inparticular there may not be an awareness within HR departments that these rulesaffect them. “There needs to be an effective partnership between line management andHR to make these requirements work. Jackman stressed HR must also be aware of the Act when recruiting. “HRdepartments need to be familiar with the rules on recruitment as these includethe need to relate the skills and knowledge of a potential employee to theknowledge and skills required for a role, and the taking of reasonable steps toobtain sufficient information about a potential employee’s previous relevantactivities and training.” the Act firms must ensure: – Employees are competent – Employees remain competent for the work they do – Employees are appropriately supervised – Employees’ competence is regularly reviewed and the level of competence isappropriate to the nature of the business last_img

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